NRG Energy Acquires Portfolio from LS Power
NRG Energy Inc. (Minneapolis, MN) announced plans to acquire a 5,961MW portfolio of operating projects, and projects in construction and advanced development, from LS Power LLC (East Brunswick, NJ) for $658.0 million dollars, subject to purchase-price adjustments at closing time. Additionally, NRG has the opportunity to acquire ownership interests in the next 3,000MW of generation projects developed and offered for sale by LS Power and its partners.
NRG's purchase of these projects is expected to increase the company's portfolio to more than 20,000MW, and contributes to its goal of having 50,000MW generation in place by 2005.
"This acquisition is expected to contribute to NRG's long-term earnings growth and expand our US-generation portfolio," said David H. Peterson, chairman, president and CEO of NRG. "NRG will use its expertise in construction, finance and operations to integrate these projects into our company and create additional value for our shareholders. The opportunity to acquire future projects developed by LS Power will also allow NRG to pursue new capacity in markets that complement our existing assets."